PAAS.TO vs. CCO.TO

Last updated Jun 9, 2026

PAAS.TO (Pan American Silver Corp.) and CCO.TO (Cameco Corporation) are both stocks. PAAS.TO operates in Silver (Basic Materials), while CCO.TO operates in Uranium (Energy). Over the past 10 years, PAAS.TO returned 14.58%/yr vs 26.75%/yr for CCO.TO. At a 0.28 correlation, their price movements are largely independent.

Performance

PAAS.TO vs. CCO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Pan American Silver Corp. (PAAS.TO) and Cameco Corporation (CCO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAAS.TO achieves a -6.95% return, which is significantly lower than CCO.TO's 16.89% return. Over the past 10 years, PAAS.TO has underperformed CCO.TO with an annualized return of 14.58%, while CCO.TO has yielded a comparatively higher 26.75% annualized return.

PAAS.TO

• 1D: -0.62%
• 1M: -18.40%
• YTD: -6.95%
• 6M: 9.68%
• 1Y: 70.16%
• 3Y*: 50.24%
• 5Y*: 13.72%
• 10Y*: 14.58%

CCO.TO

• 1D: 1.96%
• 1M: -8.17%
• YTD: 16.89%
• 6M: 16.59%
• 1Y: 77.90%
• 3Y*: 53.26%
• 5Y*: 41.88%
• 10Y*: 26.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PAAS.TO vs. CCO.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAAS.TO Pan American Silver Corp.	-6.95%	148.70%	37.51%	0.37%	-28.30%	-27.43%	43.89%	55.86%	2.74%	-2.74%
CCO.TO Cameco Corporation	16.89%	70.37%	29.62%	86.52%	11.71%	62.18%	48.65%	-24.97%	34.00%	-14.67%

Correlation

The correlation between PAAS.TO and CCO.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jul 6, 2006	0.28

The correlation between PAAS.TO and CCO.TO shifts across timeframes, from 0.24 (10 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap PAAS.TO : CA$27.78B CCO.TO : CA$64.00B
EPS PAAS.TO : CA$3.21 CCO.TO : CA$1.49
PE Ratio PAAS.TO : 20.49 CCO.TO : 98.35
PEG Ratio PAAS.TO : 0.11 CCO.TO : 0.82
PS Ratio PAAS.TO : 6.49 CCO.TO : 18.08
PB Ratio PAAS.TO : 3.78 CCO.TO : 9.06
Total Revenue (TTM) PAAS.TO : CA$4.02B CCO.TO : CA$3.54B
Gross Profit (TTM) PAAS.TO : CA$1.76B CCO.TO : CA$1.13B
EBITDA (TTM) PAAS.TO : CA$2.14B CCO.TO : CA$818.74M

Return for Risk

PAAS.TO vs. CCO.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PAAS.TO

PAAS.TO Risk / Return Rank: 77
PAAS.TO Sharpe Ratio Rank: 80
PAAS.TO Sortino Ratio Rank: 74
PAAS.TO Omega Ratio Rank: 75
PAAS.TO Calmar Ratio Rank: 78
PAAS.TO Martin Ratio Rank: 80

CCO.TO

CCO.TO Risk / Return Rank: 81
CCO.TO Sharpe Ratio Rank: 81
CCO.TO Sortino Ratio Rank: 80
CCO.TO Omega Ratio Rank: 77
CCO.TO Calmar Ratio Rank: 84
CCO.TO Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PAAS.TO vs. CCO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS.TO) and Cameco Corporation (CCO.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PAAS.TO	CCO.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.44	-0.11
Sortino ratio: Return per unit of downside risk	1.84	2.20	-0.36
Omega ratio: Gain probability vs. loss probability	1.25	1.26	-0.01
Calmar ratio: Return relative to maximum drawdown	2.27	3.15	-0.88
Martin ratio: Return relative to average drawdown	6.10	7.12	-1.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAAS.TO vs. CCO.TO - Sharpe Ratio Comparison

The current PAAS.TO Sharpe Ratio is 1.33, which is comparable to the CCO.TO Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PAAS.TO and CCO.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAAS.TO	CCO.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.44	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.88	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.60	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.17	-0.02

Drawdowns

PAAS.TO vs. CCO.TO - Drawdown Comparison

The maximum PAAS.TO drawdown since its inception was -79.35%, smaller than the maximum CCO.TO drawdown of -83.63%. Use the drawdown chart below to compare losses from any high point for PAAS.TO and CCO.TO.

Drawdown Indicators

	PAAS.TO	CCO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-79.35%	-83.63%	+4.28%
Max Drawdown (1Y) Largest decline over 1 year	-31.01%	-24.86%	-6.15%
Max Drawdown (3Y) Largest decline over 3 years	-31.01%	-39.52%	+8.51%
Max Drawdown (5Y) Largest decline over 5 years	-55.18%	-39.52%	-15.66%
Max Drawdown (10Y) Largest decline over 10 years	-66.06%	-52.84%	-13.22%
Current Drawdown Current decline from peak	-29.24%	-19.13%	-10.11%
Average Drawdown Average peak-to-trough decline	-40.44%	-48.39%	+7.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.53%	10.98%	+0.55%

Volatility

PAAS.TO vs. CCO.TO - Volatility Comparison

Pan American Silver Corp. (PAAS.TO) has a higher volatility of 18.96% compared to Cameco Corporation (CCO.TO) at 15.64%. This indicates that PAAS.TO's price experiences larger fluctuations and is considered to be riskier than CCO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAS.TO	CCO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.96%	15.64%	+3.32%
Volatility (6M) Calculated over the trailing 6-month period	43.79%	37.81%	+5.98%
Volatility (1Y) Calculated over the trailing 1-year period	53.32%	54.65%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.79%	47.90%	-2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.51%	45.04%	+2.47%

Dividends

PAAS.TO vs. CCO.TO - Dividend Comparison

PAAS.TO's dividend yield for the trailing twelve months is around 1.30%, more than CCO.TO's 0.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCO.TO Cameco Corporation	0.16%	0.19%	0.22%	0.21%	0.39%	0.29%	0.47%	0.69%	0.52%	3.45%	2.85%	2.34%
PAAS.TO Pan American Silver Corp.	1.30%	0.91%	1.89%	2.51%	2.63%	1.08%	0.67%	0.60%	0.91%	0.67%	0.33%	3.86%

Financials

PAAS.TO vs. CCO.TO - Profitability Comparison

The chart below illustrates the profitability comparison between Pan American Silver Corp. and Cameco Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

PAAS.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Pan American Silver Corp. reported a gross profit of 608.00M and revenue of 1.15B. Therefore, the gross margin over that period was 52.7%.

CCO.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cameco Corporation reported a gross profit of 290.25M and revenue of 845.37M. Therefore, the gross margin over that period was 34.3%.

PAAS.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Pan American Silver Corp. reported an operating income of 560.00M and revenue of 1.15B, resulting in an operating margin of 48.5%.

CCO.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cameco Corporation reported an operating income of 153.89M and revenue of 845.37M, resulting in an operating margin of 18.2%.

PAAS.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Pan American Silver Corp. reported a net income of 457.00M and revenue of 1.15B, resulting in a net margin of 39.6%.

CCO.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cameco Corporation reported a net income of 130.75M and revenue of 845.37M, resulting in a net margin of 15.5%.

Frequently Asked Questions

Can I hold both PAAS.TO and CCO.TO in my portfolio?

PAAS.TO and CCO.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.